Upper shore aging housing corporation, 7 properties - eastern shore, marylanD

What: Seven properties that total 160 units, built from 1980-184

Client: Upper Shore Aging Housing Corporation

Original Financing:  HUD 202 Direct Loan, 100% old regulation Section 8 contracts

GDG Services: Property Preservation Study, MU2M of Section 8 contracts, refinancing with FHA 223(f) loan (2017-2024)

Impact Statement:  GDG worked with the Board of Directors of this small, rural non-profit on their preservation options for their seven 202 Direct Loan properties, spread throughout the Eastern Shore of Maryland. We determined all of the Section 8 contracts were below market, and immediately worked to get the rents to market. Morgnec Village was the first to be refinanced as a test case for the client and the local HUD office. Once Morgnec Village was completed, we moved through the refinancing of the other six properties, finishing Rock Hall’s renovation in 2024.

Press HERE to return to Case Studies main page.